Just in: Harmony’s Horizon bridge was compromised, racking up a staggering $100 million in losses.

The crypto community is yet again reeling from a significant theft. Harmony Protocol has confirmed the heist of its Horizon bridge, which resulted in the loss of $100 million. announced Harmony Protocol announced via Twitter that the Horizon bridge has been compromised for a staggering $100 million, making this the third significant breach of a bridge in just one year. to suffer a cyberattack . 

The hackers made off with a variety of altcoins, transferring them to an Ethereum wallet that currently holds an impressive 85,867 ETH, amounting to over $102 million. Harmony has reassured users that the Bitcoin bridge remains unaffected and that assets stored in decentralized vaults are secure. wallet \"We're actively collaborating with law enforcement and forensic experts to track down those responsible and recover the stolen assets,\" the company's representatives stated.

Harmony Protocol, the entity behind the Horizon bridge, is a Layer 1 blockchain that operates on a Proof-of-Stake mechanism. The Horizon bridge serves as a conduit between Harmony and various other networks, including Bitcoin, Ethereum, and Binance Chain. tweeted . 

Blockchain bridges play a pivotal role in the decentralized finance (DeFi) ecosystem, facilitating the transfer of cryptocurrencies across different blockchains. These bridges attract large amounts of liquidity, making them prime targets for cybercriminals.

"For users to utilize bridges for transferring their funds, assets are locked on one blockchain and subsequently unlocked, or created anew, on another. Hence, these services often hold extensive quantities of cryptocurrencies,\" explained Jess Symington, a researcher at Elliptic.

In April, an investor known as 'Ape Dev' raised concerns regarding Horizon's security, leading to an investigation that revealed a 'multisig' wallet structure requiring only two out of four signatures to approve transactions. told  CNBC. 

As Harmony continues to investigate the specifics of how the attacker gained access to the funds, there’s speculation that the security of the 'multisig' wallet may have been compromised, facilitating the breach of the Horizon bridge. concerns The impact of the attack on Harmony’s ONE token was noticeable, as it experienced a 5% decline over the past 24 hours and is currently trading at $0.0248, which is a dramatic drop of 94% from its peak in October at $0.379.

Meta has announced that users of Horizon will soon have the ability to buy and sell virtual items within the platform.

Sky Mavis has successfully secured $150 million to mitigate the losses from the Ronin Bridge hack.

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• Ronin Network Compromised